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Soybean futures (Jan) is expected to consolidate taking support near 3355, while face resistance near 3390 levels. On the demand side, the market participants are on high hopes to export soy meal to China soon. Spot soybean (as per quality) gained by Rs.50-100 at Rs.3,200-3,350/100kg at the benchmark Indore market of Madhya Pradesh. Similarly, plant delivery soybean in Indore was firm by Rs.25 at 3,450/100kg. Mustard futures (Jan) is expected to break the support near 3980 & descend towards 3960-3940 levels. The counter is getting pressurized by continuous selling by NAFED. It is reported that Nafed on December 14, 2018 has liquidated around 2132 metric tonnes of mustard seed at various centers of Haryana and Rajasthan according to details available on agencys' website. The
agency has sold mustard seed with prices ranging between Rs 3,851 and Rs 3,920 per quintal. It had procured a total of 8.78 lakh tonnes of mustard seed and now 4.67 lakh tonnes of balance stocks are available with them as per Nafed. CPO futures (Dec) is seen facing resistance near 512 levels & the upside may remain capped. The government of India had signed the Malaysia–India Comprehensive
Economic Cooperation Agreement (MICECA) in October 2010, under which the effective duty on all products to be imported from Malaysia in to India would not be more than a mutually agreed threshold limit. In the case of crude palm oil (CPO) and refined edible oil, of which India is a big importer, the duty would not be more than 40 per cent and 45 per cent respectively. The move would see more edible oil from Malaysia coming into India, making it a dumping ground as Malaysia is sitting on a massive stockpile.
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